A new report from our PRDnationwide Research Team has shown that out-of-the box thinking has led to housing and growth options beyond the major capital markets as well as increasingly unaffordable metro regional markets.
To assist those seeking to find an affordable property, the report highlights regional areas across Queensland, Victoria and New South Wales. These key areas identified, not only highlight price affordability but also solid fundamentals for sustainable growth.
PRDnationwide’s Top 10 Affordable Major Regional Areas Report just released covers the regions along the East Coast of Australia. The Top 10 Affordable Major Regional Areas have experienced high growth rates over the past 15 years.
In Queensland Toowoomba, Fraser Coast, and Ipswich were nominated. Over the past 15 years, to 2016, Toowoomba has averaged a 7.9% growth for houses and 8.4% for units, Fraser Coast averaged an annual growth rate of 7.2% for houses and 8.8% for units and Ipswich experienced an average annual growth rate of 9.8% for houses and 9.5% for units.
In New South Wales Tamworth, Maitland, Wagga Wagga, and City of Shoalhaven were nominated. Tamworth averaged an annual growth rate of 6.6% for houses and 5.8% for units, Maitland has seen an average annual growth of 7.4% for houses and 6.1% for units, City of Shoalhaven averaged an annual growth of 5.9% for house and 5.4% for units and Wagga Wagga has seen respective annual growth levels of 6.3% for houses and 5.8% for units over the past 15 years to 2016.
Ballarat, Greater Bendigo, and Shepparton in Victoria have also experienced high growth rates over the past 15 years to 2016. Ballarat has experienced an average annual growth rate of 6.5% for houses and 4.6% for units, Greater Bendigo averaged an annual growth rate of 6.8% for houses and 5.1% for units, and Shepparton had an average annual growth of 5.0% for houses and 3.2% for units.
The PRDnationwide Top 10 Affordable Major Regional Areas have experienced high growth rates over the past 15 years. It also identifies affordable regions that assist in the battle to enter the property market and combat the capital cities and metro regional markets that continue to see property price growth and inflation levels beyond the standard wage increase.
Source: Tony Brasier, Chairman and Managing Director – PRDnationwide
Jason Abbott, Principal – PRDnationwide Coolangatta/Tweed